TMI BlogOne-time extension in Export Obligation for bonafide default in respect of old Advance LicencesX X X X Extracts X X X X X X X X Extracts X X X X ..... already been completed upto 31st March, 1998, and part of exports have been effected outside the validity of the export obligation period, extension in export obligation period is allowed upto the said date (31st March, 1998) for regularisation purpose, on payment of an amount (herein after referred to as composition fee) equivalent to 5% on that part of the F.O.B value of exports which falls outside the approved export obligation period. The composition fee shall be recoverable only in respect of those cases where a penalty of 5% was not paid in terms of Public Notice No. 38/(PN)/1997-2002 dated 1st September, 1997; ii. Where no export and / or import has been made till the date of issue of this Public Notice , no extension in export obl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of Steel products, where special types of advance licences (QBAL and VABAL) had been issued sub-group wise as per Standard Input-Output Norms (that is, with quantity and/or value limits prescribed for each sub-group), where exports were completed upto 31.3.1998, such licences may be allowed to be regularised on pro-rata basis to the extent of exports made against the inputs allowed sub-group wise and not with reference to each and individual input, provided that the minimum value addition as was prescribed under the relevant broad-banded Standard Input-Output Norms is maintained. In such cases regularisation would be subject to payment of a composition fee of 5% on that part of the F.O.B value of exports which falls outside the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this is only a one time relaxation which is being allowed, all documentary and other formalities shall be completed by the concerned Regional Licensing Authorities of the DGFT as also by the Customs Authorities on top priority basis so that the cases covered by this Public Notice can be closed within the time prescribed and there is no occasion for the exporters to complain about any delay and seek further time for closure of these cases. For this purpose, the exporters should be allowed to make exports on a provisional basis pending endorsment of extension in export obligation period by the Licensing Authorities. Such provisional exports will be regularised and entered in the DEEC Book (Part.II) after extension in export obligation period ..... X X X X Extracts X X X X X X X X Extracts X X X X
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